FRONTEO Announces Commencement of Proof of Concept Ahead of Adoption of KIBIT AI Engine for Text Data Analysis at AEON Bank
September 7, 2018
Analysis of sales discussion records when selling financial instruments, with potential utilization in other operations after verification
TOKYO, September 7, 2018 ̶ FRONTEO, Inc. (“FRONTEO”) (NASDAQ: FTEO) (TSE: 2158), a leading provider of artificial intelligence (“AI”) based big data analysis services, announced that it will commence a proof of concept aiming at the adoption of KIBIT, an AI engine independently developed by FRONTEO, at AEON Bank, a subsidiary of AEON Financial Service Co., Ltd.
In this proof of concept, KIBIT will be used to monitor whether explanations are being given to customers according to analyses of the principle of suitability, based on meeting records documenting exchanges with customers when AEON Bank proposes and sells financial instruments.
After conducting this proof of concept for a specific period, AEON Bank plans to verify the results and seeks to expand the scope of implementation to utilize KIBIT in other operations.
FRONTEO has been implementing and verifying analyses of sales discussion records using KIBIT at many financial institutions. In May 2018, KIBIT was selected for the “FinTech Experiment Hub” established by the Financial Services Agency. Sales discussion records were analyzed, and in August 2018 FRONTEO announced that using KIBIT produced better results than using only manual checking.
Based on these accomplishments and experiences, FRONTEO will support the realization of the work style reform underway at AEON Bank through the creation of a customer-oriented sales structure and load reduction of person in charge associated with the improvement of efficiency of compliance operations by actively utilizing AI.
KIBIT is an AI engine developed by FRONTEO. KIBIT is a word coined by combining "kibi," a Japanese word meaning "subtlety," and "bit," the smallest unit of digital information, in order to indicate an AI capable of understanding the subtle elements of human behavior and personality.
About FRONTEO, Inc.
FRONTEO, Inc. (“FRONTEO”) (NASDAQ: FTEO) (TSE: 2158) supports the analysis of big data based on behavior informatics by utilizing its technology, "KIBIT". FRONTEO's KIBIT technology is driven by FRONTEO artificial intelligence based on knowledge acquired through its litigation support services. KIBIT incorporates experts' tacit knowledge, including their experiences and intuitions, and utilizes that knowledge for big data analysis. FRONTEO continues to expand its business operations by applying KIBIT to new fields such as healthcare and marketing. FRONTEO was founded in 2003 as a provider of e-discovery and international litigation support services. These services include the preservation, investigation and analysis of evidence materials contained in electronic data, and computer forensic investigation. FRONTEO provides e-discovery and litigation support by making full use of its data analysis platform, "Lit i View", and its Predictive Coding technology adapted to Asian languages. The company name was changed from UBIC, Inc. to FRONTEO, Inc. as of July 1, 2016.
For more information about FRONTEO, contact email@example.com or visit http://www.fronteo.com/global/.